Dynamic Stochastic General Equilibrium models

GPTKB entity

Predicate	Object
gptkbp:instanceOf	gptkb:macroeconomic_model
gptkbp:abbreviation	gptkb:DSGE_models
gptkbp:application	monetary policy analysis fiscal policy analysis business cycle analysis
gptkbp:assumes	market clearing intertemporal optimization representative agents
gptkbp:component	gptkb:economic_policy gptkb:government households firms
gptkbp:criticizedFor	gptkb:Joseph_Stiglitz gptkb:Paul_Romer gptkb:Olivier_Blanchard excessive reliance on rational expectations lack of empirical fit simplifying assumptions
gptkbp:developedBy	1980s
gptkbp:feature	dynamic optimization rational expectations general equilibrium microeconomic foundations stochastic shocks
gptkbp:mathematicallyFormulatedAs	gptkb:system_of_equations
gptkbp:mayInclude	nominal rigidities price stickiness wage stickiness financial frictions
gptkbp:notableFigure	gptkb:Edward_Prescott gptkb:Finn_Kydland gptkb:Robert_Lucas_Jr. gptkb:Thomas_Sargent gptkb:Lars_Peter_Hansen gptkb:Christiano,_Eichenbaum,_and_Evans
gptkbp:originatedIn	real business cycle theory
gptkbp:relatedTo	gptkb:Overlapping_Generations_models New Keynesian models Real Business Cycle models
gptkbp:solvedBy	gptkb:simulation calibration estimation
gptkbp:usedBy	policy makers central banks
gptkbp:usedFor	counterfactual analysis policy evaluation forecasting macroeconomic variables
gptkbp:usedIn	macroeconomics
gptkbp:bfsParent	gptkb:New_Keynesian_economics
gptkbp:bfsLayer	6
https://www.w3.org/2000/01/rdf-schema#label	Dynamic Stochastic General Equilibrium models